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Key Business Terms Chapter 12

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  • What is important to keep after you've made a purchase?
    A receipt/ Confirmation Email
  • What two things are you entitled to if a good is 'faulty'
    Repair or Replacement
  • Buying without planning.
    Impulse Buying
  • How many days do you get to return something you bought online?
    14 days
  • Define a "Good"
    A good is a physical item that is produced, bought, and sold to satisfy consumer needs or wants. Goods are tangible, meaning they can be touched and owned.
  • Is it legal for a shop to display the wrong price on an item to attract consumers?
    no
  • What should you do if a shop refuses to give you a refund or repair?
    European Consumer Centre (consumer assistance)
  • Saving money now, costing more later
    False economy
  • Why do Consumer Laws need to be updated?
    Because consumer habits are constantly changing
  • What was the name of the Act that protects consumer in Ireland that we studied?
    Sale of Goods & Supply of Services Act 1980
  • Goods should be - Not faulty
    Merchantable Quality
  • What does Caveat Emptor mean?
    Let the buyer beware!
  • How much does it cost to get advice/ help from the European Consumer Centre?
    Nothing! It's free
  • Define 'Consumer'
    A consumer is a person who buys goods or services for personal use
  • Goods should do what they're supposed to do (raincoat)
    Fit For Purpose
  • Define Tangible
    Tangible means something that can be touched, seen, or physically felt.
  • Good must match its description
    As described
  • Good should be the same quality as display/sample
    As per sample
  • Define a "Service"
    A service is a non-physical activity provided to a consumer to meet a need or want.